Ride-hail financing platform Moove raises $76m in funding

Moove, the fintech platform that provides financing for vehicles in the gig economy, has raised fresh funding from Mubadala Investments and BlackRock

Abu Dhabi-based fintech Moove has raised US$76m, as it attempts to change the way that financial services are delivered for gig economy entrepreneurs.

The funding – led by Mubadala Investments and BlackRock – brings the total amount of funding raised by Moove to over US$335m since it was launched in 2020. The latest round includes US$38m in previously undisclosed funds raised during the last year.

Moove will use the money to build out its financial services platform for mobility entrepreneurs. The African-founded fintech is aiming to address the lack of vehicle financing faced by more than 2m of these entrepreneurs – an area of business finance that is on the rise, but often underserved by traditional companies.

Moove says its latest capital injection “serves as an endorsement of Moove’s ability to service its customers and executive across multiple developing and developed markets”.

The fintech startup has grown its revenue by a factor of 17 since announcing its Series A funding round two years ago, and has seen 22m trips taken in Moove-financed vehicles in 13 different markets. Moove is now Uber's largest vehicle financing partner in EMEA and already operates the largest EV fleet by supply hours on the Uber platform in the UAE, despite launching only four months ago.

Funding allows Moove to ‘accelerate’ growth

The company’s co-founder and co-CEO, Ladi Delano, says: “We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets including the UAE, India, the UK and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months.

“With this investment, we will now accelerate our mission and continue creating life-changing opportunities for our customers. It gives us great pride in seeing our customers build a better life for themselves and their families, and this funding will allow us to offer this chance to more entrepreneurs.”

Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, adds: “Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them. This is a hugely underbanked and underserved market that we believe has significant long-term potential.”

Sean Dunne, Managing Director of BlackRock, adds: “We believe Moove has the potential to play a vital part in the electrification of mobility. Moove is providing its customers access to finance and the chance to participate in the transformation of the mobility sector, by growing its global EV fleet. As countries continue to develop, moving away from private car ownership, and towards shared mobility solutions and ride-hailing, Moove can be at the forefront of that change.”


For more insights from FinTech Magazine, you can see our latest edition of FinTech Magazine here, or you can follow us on LinkedIn and Twitter.

You may also be interested in our sister site, InsurTech Digital, which you can also follow on LinkedIn and Twitter.

Please also take a look at our upcoming virtual event, FinTech LIVE London, coming on 8-9 November 2023.


BizClik is a global provider of B2B digital media platforms that provides executive communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare, and Food & Drink.

BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.


Featured Articles

Top 100 Women 2024: Akila Raman-Vaseghi, Goldman Sachs No. 9

FinTech Magazine’s Top 100 Women in FinTech honours Goldman Sachs’s Akila Raman-Vaseghi at Number 9 for 2024

FinTech LIVE Dubai: 1 Week to Go!

Find out everything you need to know about FinTech LIVE: Dubai, the must-attend virtual event for fintech leaders in the Middle East and Africa

FinTech LIVE Singapore: 1 Week to Go!

With just one more week to go, find out everything you need to know about the must-attend virtual event for fintech leaders in Asia

Top 100 Women 2024: Yolande Piazza, Google – No. 8

Financial Services (FinServ)

FinTech LIVE Singapore Announces Four New Speakers

Tech & AI

Top 100 Women 2024: Helsa Chow, SVP, Citi – No. 6

Financial Services (FinServ)